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A Quick Review Financial Planning Checklist

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October is Financial Planning month, making now a great time to think about your financial preparedness and well-being. Money isn’t everything in life, but it certainly helps to achieve security and to open opportunities for you and your family.

Personal finance can be complex, especially as your wealth grows. Each of your decisions must support the next, and align with your life goals. The following financial planning checklist will help you identify which financial topics you’ve got covered, and areas where we can help you to achieve your wealth and life objectives.

Saving

Saving is the most fundamental element of achieving financial freedom. Everyone’s savings goals are different, but the more you earn and spend, the more you need to save. Key questions include:-

– Do you have emergency savings to cover at least six months of cash needs?

Investment Positioning

For most individuals, the right mix of stocks, bonds, and other investments is essential to weathering market fluctuations and, ultimately, achieving the investment growth necessary to reach your long-term goals. Top investment questions to consider include:-

– Are you properly positioned to enjoy both growth if the markets prosper, and security if they contract?

– Do you have adequate cash and bonds to get you through a downturn?

Does your investment mix allow you to sleep at night?

Can your cash and bonds sustain income needs for at least five years, to avoid selling at depressed prices?

Do you have some extra in cash and bonds to buy stocks when they’re cheap?

– If you have young children, do your documents include guardianship provisions?

– If assets are going to be held in trust post-death, are your documents and beneficiary designations structured to hold retirement assets without subjecting them to adverse tax implications?

Business Planning

If you own a business, it’s both a source of income and a potential asset. You owe it to yourself, your family, and your employees to formulate a contingency plan for the future. At a minimum, consider:

– Can someone step in and run your business if you’re not there?

– Are your named agents qualified to manage your business?

– Does your succession plan capture the value of your business?

Professional Advice

Very few people have the time or expertise to adequately research financial topics and make the right decisions. Whether you have an advisor, or are considering hiring one, always ask questions, including:

– Does your advisor have the appropriate training, credentials, and experience? We recommend working with a CERTIFIED FINANCIAL PLANNERTM (CFP®) for wealth management services, a Certified Public Accountant (CPA) for tax planning and preparation, etc.

– Do your advisors proactively work with you, helping you to plan for life’s many stages and transitions?

Financial planning can help prioritize your objectives, guide your decision-making, and help you to secure the future for you and those you care about. If you’re ready to take the next step towards wealth success, please contact us. SageVest Wealth Management is an independent, fee-only investment and wealth management firm, working with individuals, families and small business owners every day, translating real life objectives into real life solutions and achievements.

The information contained herein is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. This article is for informational purposes only. The views expressed are those of SageVest Wealth Management and should not be construed as investment advice. All expressions of opinions are subject to change and past performance is no guarantee of future results. SageVest Wealth Management does not render legal, tax, or accounting services. Accordingly, you, your attorneys and your accountants are ultimately responsible for determining the legal, tax and accounting consequences of any suggestions offered herein.

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